PensionsEurope has stated all along that additional capital requirements are detrimental for pension provision and welcomes the fact that EIOPA has recognized this. In its opinion EIOPA now proposes to introduce a standardized risk assessment to calculate the impact on a common framework balance sheet of an IORP.
Matti Leppälä, Secretary General/CEO of PensionsEurope, said: “It is good that EIOPA is not in favour of a harmonised solvency framework for IORPs. PensionsEurope has been against this idea all along and continues to do so. We also welcome that EIOPA has taken into consideration the diversity of IORP landscape across Europe. Requirements have to be proportional and small and medium size IORPs should not be overly burdened with any new risk management requirements.”
Janwillem Bouma, Chair of PensionsEurope: “Risk management is essential for IORPs and they regularly carry out their own stress tests and scenario analyses (e.g. Asset and Liability Management studies) as part of their own risk management processes. EIOPA proposes an additional framework, which we find unnecessary and it is costly.”
Full press release
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